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ADGM Enacts New Codified Corporate Beneficial Ownership And Control Regulations |
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The Abu Dhabi Global Market, ADGM, announced today the enactment of the new corporate Beneficial Ownership and Control, BOC, regulations, which was approved by ADGM's board of directors on April 3rd 2018. The new regulations will have the effect of safeguarding and promoting ADGM’s reputation as a stable and responsible financial centre, and will reinforce its commitment to adhere to the highest global standards of financial crime prevention. Dhaher Bin Dhaher Al Mheiri, CEO of the Registration Authority at ADGM, said, "the enactment of the new BOC regulations will enhance transparency and accountability both at a national level and in conjunction with other regulatory bodies globally." ADGM’s aim in codifying existing BOC regulations is to stay in line with international best practices on anti-fraud and financial crime prevention. The regulations will entrench the centre’s compliance with Financial Action Task Force, FATF, recommendations 24 and 25, which deal with transparency and identifying the beneficial ownership of legal persons and legal arrangements. In addition, the new BOC regulations meet requirements set out in the 4th Anti Money Laundering, AML, directive which focuses on maintaining accurate and current information on the BOC of corporate entities. Dhaher said, "The introduction of the new beneficial ownership regime by enactment of ADGM Beneficial Ownership and Control Regulations marks the new era of openness and transparency," adding, "This is the first and only standalone legislation to date. This legislation codifies provisions for maintaining accurate and up to date information on beneficial ownership and control of legal entities." The new regulations is introduced in order to provide clear evidence of how the Registration Authority collects and maintains information on registrable beneficial owners, and clear procedures on access to information on beneficial ownership of legal entities registered and incorporated in ADGM. "This legislation demonstrates ADGM’s commitment towards transparency, thorough due diligence during onboarding process, commitment to FATF recommendations, financial crime prevention and adherence to anti-money laundering guidelines," he said. Mohamed Jawad Shalo, Head of Financial Crime Prevention Unit FSRA, added, "The codification of the BOC regulations is the first of its kind in the UAE and the region. This continues to demonstrate ADGM’s commitment to be an international financial centre that recognises international standards and best practices. It will assist ADGM in meeting international tax reporting requirements and support its profile for the upcoming OECD assessment and FATF mutual evaluation." |
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